According to official updates, eight major rules will be revised or implemented, covering areas such as credit cards, LPG prices, mutual fund transactions, Aadhaar updates, and UPI payments. Here’s a summary of what will change:
The government is expected to roll out the EPFO 3.0 platform, aimed at simplifying the process of filing and tracking Provident Fund (PF) claims. The updated system promises to make PF withdrawals and transfers faster and more user-friendly.
The free Aadhaar update facility will be discontinued. Going forward, users will need to pay ₹50 for any Aadhaar detail update.
Kotak Mahindra Bank will impose a 2% penalty fee if an auto-debit transaction linked to a credit card fails due to insufficient balance.
Consumers should be prepared for potential changes in the prices of Compressed Natural Gas (CNG), Piped Natural Gas (PNG), and Aviation Turbine Fuel (ATF), as adjustments are likely due to global pricing trends.
The price of 19 kg commercial LPG cylinders has been reduced by ₹17 per cylinder. This reduction is expected to benefit businesses, especially in the food and hospitality sectors.
The Reserve Bank of India has announced a cut in the repo rate, with expectations of further reductions. This could translate into lower loan EMIs and improved liquidity in the economy.
SEBI has implemented a new cut-off time for overnight mutual fund schemes. Investors will need to comply with the revised timing to ensure same-day processing.
While making UPI payments, users will now see only the bank name and QR code on the payment screen. Editable options and additional interface elements will no longer be displayed, a move aimed at reducing errors and improving security.
These regulatory and procedural updates are part of the government's broader strategy to enhance transparency, improve efficiency, and ensure better financial discipline among service providers and consumers alike.